LSBF Blog - Global Matters

Green light for employment review

December 06 ,2015 | by Claire Payne

The Office of Tax Simplification’s call for a task force with the job of coming up with a universal definition for employment status will be met, Treasury secretary David Gauke has confirmed.

A departmental letter made the announcement that is likely to be welcomed by both freelance contractors and those working in the UK accountancy sector on their behalf.

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Network Rail plans assets sale to pay debts

December 05 ,2015 | by Hari Sri

Network Rail has asked Big 4 firm KPMG to look into the viability of selling off electricity assets in order to tackle the state-backed group's mounting debts.

The organisation, which was set up to look after the nation's Victorian-era railways infrastructure, could make as much as £2bn from a sale of assets.

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5 incredible cities where you can find a career in accounting

December 04 ,2015 | by LSBF Blog Staff

One of the best things about a career in accounting is the wide variety of places around the world you could choose to work in; accounting certainly stands as a global profession.

Although some aspects of accountancy will vary from country to country, the basic principles remain the same - that means a CIMA qualification can take you almost anywhere! Here are just a few of the fantastic cities you could work in...

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UK self-employed turn away from personal pensions

December 04 ,2015 | by Hari Sri

With the self-employed sector continuing to grow in the UK, new research shows that millions are risking their retirement by ignoring their pensions.

According to a new analysis from insurance specialist Prudential, the number of self-employed workers who contribute to personal pension pots is at its lowest since 2001.

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Higher taxes hit individuals more than corporations, says OECD

December 04 ,2015 | by Thiago Kiwi

The Organisation for Economic Co-operation and Development (OECD) has claimed that individual taxpayers are paying a bigger share of tax than businesses and that changes are needed to get corporations to pay their fair share.

The situation has come about due to the need for governments to fund their financing requirements in the wake of the global economic crisis, according to the OECD.

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HMRC digital accounts backed by freelancers' accounting firm

December 04 ,2015 | by Claire Payne

FreeAgent, an accounting firm for freelancers, has issued a statement of support for HM Revenue & Customs' new digital tax accounts for the self-employed.

The company says it is “glad” that the 2015 Autumn Statement included the extension of plans for the digitisation of HMRC's methods and that a £1.3billion investment had been set aside to fund it.

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How to deal with ACCA exam failure

December 03 ,2015 | by Rob Sowerby

It’s common for students to feel disappointed by exam results; but the real test is how you react to it.

In this article, LSBF Director of Professional Courses, Rob Sowerby, gives you advice on how to pick yourself up after failing an ACCA exam.

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Charity Commission gets new governance framework

December 03 ,2015 | by Helen Gould

A revised and updated governance framework has been published by The Charity Commission following an independent review.

The effectiveness of the existing governance framework was the focus of the review, which came about after a recommendation from the National Audit Office.

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Financial Reporting Council wants transparent disclosure of risks in corporate reports

December 03 ,2015 | by Erin O’Neill

The Financial Reporting Council (FRC) is set to conduct a review into how companies report tax risks, focusing on the transparency of tax reconciliation disclosures.

The aim is to encourage greater transparency in the way the relationship between accounting profit and tax charges is recorded.

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Insurers and government bodies watching online behaviour

December 03 ,2015 | by Claire Payne

Big businesses and government authorities are checking up on people by looking at their online activity, including checking out social network profiles.

"Social media is already an important tool for industry to engage with customers and its use is only likely to grow," explained Tracey McDermott, from the Financial Conduct Authority (FCA).

 

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HMRC issues new briefing on Scotland income tax rate

December 02 ,2015 | by Thiago Kiwi

HM Revenue and Customs (HMRC) has issued a new briefing outlining the details surrounding the new system, which comes in from April 2016 regarding Scottish income tax.

From next April, the Scottish Parliament will have new powers allowing it to set a separate rate of income tax, which will then fund spending by the Scottish government.

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UK ‘gig economy’ set to be worth £2bn by 2020, shows research

December 02 ,2015 | by Hari Sri

According to new research, the so-called 'gig economy' (in which people buy and sell services and jobs via online platforms) may be worth nearly £2bn in the UK and $63bn globally by 2020.

The report from Big 4 firm PwC reveals that the connected work market - professional networking, freelancing and global web conferencing platforms, as well as remote working apps - will become an increasingly important part of the wider UK economy.

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European Commission proposes overhaul of prospectus rules

December 02 ,2015 | by Helen Gould

An overhaul of the prospectus rules is being proposed by The European Commission, which says cutting the amount of paperwork required and increasing the thresholds will make things easier for small and medium-sized companies.

Simplifying information for investors to access funding when issuing shares will lead to a lighter regime for smaller companies with less complex prospectuses, the Commission says.

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EU approval for bank loans provisioning rule coming soon, says IASB

December 01 ,2015 | by Hari Sri

Hans Hoogervorst, Chairman of the International Accounting Standards Board (IASB), has said that the EU will soon approve a delayed accounting rule forcing banks to book losses on loans much earlier than they do at the moment.

The International Accounting Standards Board (IASB) has written the "IFRS9" rule and the EU must endorse it in order for it to become mandatory across the 28 member states.

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Fund sector in Guernsey registers strong Q3 growth

December 01 ,2015 | by Thiago Kiwi

The Guernsey Financial Services Commission has reported an increase in the net asset value of funds managed or administered by closed and open-ended funds in Q3.

The former saw an increase of 2.1% and the latter 0.8%, which means all funds under management and administration in Guernsey grew in net asset value during this period.

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UK female high-earners remain at 27% of British workforce

December 01 ,2015 | by Erin O’Neill

There has been no growth in the percentage of British women who earn high salaries over the past four years, with the figure sticking at 27%.

According to a report from law firm Clyde & Co, which analysed HM Revenue and Customs (HMRC) data, there has been a financial flatlining for females.

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Rough guide to the Autumn Statement

November 30 ,2015 | by Thiago Kiwi

Last week's Autumn Statement contained plenty of new announcements that will have a direct impact on the UK accountancy sector. Even so, it is easy to miss the important news lost among the bigger headline grabbers.

For the UK economy, any changes to rules and regulations surrounding taxation and business practises are likely to have long-lasting effects, so here are some of the most noteworthy aspects of the Chancellor's Statement.

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UK GDP growth slowed by weakening trade

November 29 ,2015 | by Helen Gould

Poor overseas trade figures have caused the UK economy to slow down, with the result that household spending is now the main driving force of the recovery.

Official figures from the Office for National Statistics (ONS) revealed that GDP growth fell in the third quarter, standing at 0.5% at a drop from 0.7% in the second quarter.

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Digitisation of tax returns – what it actually means

November 28 ,2015 | by Hari Sri

With continuing expansion of digitisation by HM Revenue and Customs (HMRC), the way tax is collected is already changing for many, but the near future will see even greater upheavals.

Everyone from the self-employed and small companies right through to low-income individuals and the retired will find that their relationship with the Treasury will soon look very different indeed.

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Autumn Statement puts in place new anti-avoidance measure for capital allowances

November 27 ,2015 | by Thiago Kiwi

With the Autumn Statement bringing in many new measures that affect the UK accountancy sector, one that has an immediate effect is a two-part measure to protect the UK Exchequer by closing a loophole relating to capital allowances and lease payment deductions.

Artificial and contrived arrangements used to circumvent the existing rules have fallen under the spotlight, namely schemes using artificially low disposal values for capital allowances purposes and sale-and-lease-back arrangements that are tax deductible.

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British pension withdrawals could add up to £4.7bn

November 27 ,2015 | by Thiago Kiwi

The changes to pension regulations, which allow savers more flexibility in accessing their funds, could have led to £4.7bn being taken out of pension pots.

Differing reports from HM Revenue & Customs (HMRC) and the Association of British Insurers (ABI) means the picture is still unclear, but there is no doubt that many have taken advantage of the new regime.

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Chancellor Osborne announces tax exemption for charities

November 27 ,2015 | by Hari Sri

As one of a raft of announcements in the Chancellor's spending review and autumn statement, charities have now been partially exempted from rules surrounding "close companies" charges.

The costs occur when trustees extract funds and section 455 of the Corporation Tax Act 2010 comes into play.

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UK companies pay £1bn in total fees to their auditors

November 26 ,2015 | by Erin O’Neill

The UK’s largest companies have paid more in fees this year than last, despite the audit market becoming more competitive.

Total fees paid out to the six firms that carry out audits for FTSE 350 companies broke through the £1bn barrier in the last financial year, according to data compiled from the companies’ 2014/15 annual reports.

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UK buy-to-let stamp duty changes from next year

November 26 ,2015 | by Claire Payne

Buy-to-let investors and holiday home buyers will have to pay stamp duty rates that are three percentage points higher as from April next year.

Special "landlord" stamp duty tax rates will come into force from April 2016, meaning that investors will have to pay thousands of pounds more extra in tax than they do currently. Those buying a property to live in will not be affected.

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Help with costs promised for big energy users

November 26 ,2015 | by Helen Gould

Steel and chemicals industries will be amongst the big users of energy that will benefit from being exempt from paying environmental tariffs.

The announcement was made in Chancellor George Osborne's Spending Review and Autumn Statement and is seen as his response to demands for help for the beleaguered steel industry in the UK. 

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